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March 20, 2007 - March 23, 2007

ICRA IPO Basis of Allotment

ICRA LIMITED

Registered Office:1105, Kailash Building, 111h Floor, 26 Kasturba Gandhi Marg, New Delhi - 110 001, India;
Tel: +91 11 2335 7940: Fax: +91 11 2335  7014
Corporate Office:Building No.8, 2nd Floor, Towar - A, DLF Cyber City, Phase11, Gurgaon - 122 002, Haryana;
Tel: +91 124 4545 300  Fax: +911244545350
Contact Person: Mr.Vijay Wadhwa Tel: +91124 4545 300
E-mail: ipo@icraindia.com Website: www.icra.in

BASIS OF ALLOTMENT

PUBLIC OFFER OF 2,581,100 EQUITY SHARES OF Rs.10 EACH OF ICRA LIMITED ('1CRA' OR THE 'COMPANY') FOR CASH AT A PRICE OF RS. 330 PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF RS.320 PER EQUITY SHARE), OF ICRA LIMITED THROUGH AN OFFER FOR SALE BY IFCI LIMITED, ADMINISTRATOR OF THE SPECIFIED UNDERTAKING OF THE UNIT TRUST OF INDIA AND STATE BANK OF INDIA(THE 'SELLING SHAREHOLDERS'), AGGREGATING  Rs. 851,783,000 (THE 'OFFER'). THE ISSUE CONSTITUTES 25.81% OF THE FULLY DILUTED POST OFFER CAPITAL OF THE COMPANY.
THE FACE VALUE PER EQUITY SHARE IS RS.10/- THE OFFER PRICE IS 33 TIMES OF THE FACE VALUE OF THE EQUITY SHARE.

The Offer was made through the 100% Book Building Process wherein up to 50% of the Offer was to be allotted on a proportionate basis to Qualified Institute Buyers 5% of the QIB Portion was to be avallable for allocation to Mutual Funds only and the remaining QIB Portion was to be available for alfmlion to the QIB Bidders including Mutual Funds, subject to valid Bids being received at or above the Offer Price. Further, at leas 15% of the Offer a proportionate basis to Retail Individual Bidders, subject to valid Bids being received at or above the Offer Price.
The Bid/Offer opened on March 20, 2007 and Closed on March 23, 2007. The Offer received 2,49,040 applications for 18,89,09,580 equity shares resulting in 73.1898 times subscription. The retails of the applications received (before rejections) in the Offer from QlBs, Non-Institutional and Retail Individual Bidders are as under

Category No.of Applications No.of Shares Applied for Subscription(no.of Times)
Retail Individual Bidders 248196 47664460 52.7621
Non Institutional Bidders 592 26228300 67.7445
QIBs 250 115016820 89.1223
Total 249040 188909580

Final Demand
A sample of the final demand at different bid prices is as under

Bid Price No. of Shares % to Total Cumulative Total Cumulative % to total
275 3213380 1.6097 199630420 100.00
276 1820 0.0009 196417040 98.39
277 11540 0.0058 196415220 98.39
278 20 0.0000 196403580 98.38
279 360 0.0002 196403660 98.38
280 11480 0.0058 196403300 98.38
281 80 0.0000 196391820 98.38
282 660 0.0005 196391740 98.38
285 1400 0.0007 196390780 98.38
286 400 0.0002 196389380 98.38
288 800 0.0004 196388980 98.38
289 600 0.0003 196388180 98.38
290 25000 0.0125 196387580 98.38
291 150280 0.0759 196362580 98.36
292 20 0,0000 196212300 98.29
293 220 0.0001 196212280 98.29
294 31660 0.0159 196212060 98.29
295 1340 0.0007 196180400 98.27
297 200 0:0001 196179040 98.27
298 20 0.0000 196179060 98.27
299 300 0.0009 196178820 98.27
300 2901700 1.4535 196178520 98.27
301 540 0.0003 193276820 96.82
302 400 0.0002 193276280 96.82
303 5380 0.0027 193275880 96.82
304 260 0.0001 193270500 96.81
305 1920 0.0010 193270240 96.81
306 160 0.0001 193268320 96.81
307 13000 0.0065 193268160 96.81
308 300 0.0002 193255160 96.81
309 153260 0.0768 193254860 96.81
310 27680 0.0139 193101600 96.73
311 9340 0.0047 193073920 96.72
312 22320 0.0112 193064580 96.71
315 2900 0.0015 193042260 96.70
318 240 0.0001 193039360 96.70
319 1840 0.0009 193039120 96.70
320 28620 0.0143 193037280 96.70
321 248680 0.1246 193008660 96.68
324 20 0.0000 192759980 96.56
325 7800 0.0039 192759960 96.56
327 160 0.0001 192752160 96.55
328 1040 0.0005 192752000 96.55
329 1280 0.0006 192750960 96.55
330 147399726 73.8363 192749880 96.55
CUT OFF 45349960 22.7170 45349960 22.72
TOTAL 199630420

The Basis of Allotment was finalized in motion with the Bombay Stock Exchange of India Lamed ('BSE') on April 4,2007. The Board of Directors of the Company at its meeting held on April 5, 2007 has approved the Allotment/Transfer of the equity shares in the Offer to successful applicants.

A. Allocation to Retail Individual Investors
The category (net of technical/Multiple rejections) was over subscribed 52.038743 times. The category received 244742 valid appications. The total number of equity shares allotted in this category is 903820 Equity Shares to 45181 allottees of valid applicants. The category-wise details of the Basis of Allotment in this category are as under:

Category No.Applications % to Total Total No.of
Equity Shares
Applied
% to Total No. of Equity
Shares
allocated
Ratio Total No.of
Shares
allocated
20 17749 7.25 354980 0.76 20 1:52 6828
40 14444 5.90 577760 1.23 20 1:26 11120
60 12354 5.05 741240 1.58 20 3:52 14260
80 7315 2.99 585200 1.24 20 1:13 11260
100 15125 6.18 1512500 3.22 20 5:52 29080
120 6156 2.52 738720 1.57 20 3:26 14200
140 46405 18.96 6496700 13.82 20 7:51 127380
160 3702 1.51 592320  1.26 20 2:13- 11400
180 1631 0.67 293580 0.62 20 9:52 5640
200 5264 2.15 1052800 2.24 20 5:26 20240
220 1523 0.62 335060 0.71 20 11:52 6440
240 1570 0.64 376800 0.60 20 3:13 7240
260 1350 0.55 351000 0.75 20 1:4 6760
280 2192 0.90 613760 1.31 20 7:26 11800
300 107962 44.11 32388600 68.90 20 29:101 619980

B. Allocation to Non Institutional Investors
The category was over subscribed (net of technical/Multiple rejections) 63.998760 times. The category received 468 valid applications. The total number of equity shares allotted in this category is 388930 Equity Shares to 397 allottees. A sample of the category-wise details of the Basis of allotment in thus category are as under:

Category No.
Applications
% to total Total No. of Equity Shares
applied
% to total No. of Equity
Shares
allocated
Ratio Total
No. of
shares
allocated
320 27 5.77 8640 0.03 20 2:9 120
600 14 2.99 .8400 0.03 20 1:2 140
800 3 0.64 2400 0.01 20 2:3 40
1200 8 1.71 9600 0.04 20 FIRM 160
1520 1 0.21 1520 0.01 24 FIRM 24
2180 1 0.21 2180 0.01 34 FIRM 34
3600 1 0.21 3600 0.01 56 FIRM 56
4800 1 0,21 4800 0.02 75 FIRM 75
5840 1 0.21 5840 0.02 91 FIRM 91
7280 1 0.21 7280 0.03 114 FIRM 114
8180 1 0.21 8180 0.03 128 FIRM 128
10000 9 1.92 90000 0.36 156 FIRM 1404
12120 2 0.43 24240 0.1 190 FIRM 380
15140 4 0.85 60562 0.24 237 FIRM 948
18480 1 0.21 18480 0.07 289 FIRM 289
25740 2 0.21 51480 0.21 402 FIRM 804
30320 1 0.21 30320 0.12 474 FIRM 474
36000 1 021 36000 0.15 563 FIRM 563
46960 1 0.21 46960 0.19 734 FIRM 734
59100 1 0.21 59100 024 923 FIRM 923

C. Allocation to QIBs
As per the SEBI guidelines, Mutual Funds were initially allotted 5% of the quantum of equity shares available (64527) and other QIBs and unsatisfied demands of Mutual Funds were allotted the remaining available equity shares (1226023) on proportionate basis. Total number of equity shares allotted in this category is 1290550 Equity Shares to 250 allottees i.e. 100% of valid applicants. Mutual Funds were allotted 21.716% and other QIB applicants were allotted 78.283% of the shares allotted in the QIB category.

Category Financial Institutions/Banks Mutual Funds Foreign Institutional Investors Insurance Companies VCs Total
No.of Equity Shares 309178 280262 566386 129230 5494 1290550

The physical refund warrants and intimation regarding refunds through electronic modes (ECS, RTGS, NEFT or Direct Credit) and allotment advice are being dispatched on April 7, 2007 to the address of the Inventors as registered with the depositories. In case the same is not received within ten days, Investors may contact the Registrar to the Issue at the address given below. The refund warrants have been over-printed with the bank mandate delays as registered, If any, with the depositories.

The Equity Stares allocated to successful applicants are being credited to their beneficiary accounts subject to validation of the account details with the depositories concerned on April 5, 2007. The listing application will be filed with the Bombay Stock Exchange of India Limited and the National Stock Exchange Limited and the Company is taking steps to complete all formalities for listing and commencement of trading of Equity Shares on the Bombay Stock Exchange of India Limited and the National Stock Exchange Limited within seven working days from the date of approval of the Basis of Allotrnent.

INVESTORS PLEASE NOTE
The details of the allocation made has been hosted on the Website of Registrar to the Issue, Intime Spectrum Registry Limited at www.intimespectrum.com. All future correspondence in this regard may kindly be addressed to the Registrar to the Issue quoting full name of the First/ Sole applicant, Serial number of the bid-cum-application form, number of shares bid for, name of the Member of the Syndicate and Place where the bid was submitted and payment details at the address given below.

INTIME SPECTRUM REGISTRY LIMITED
C-13, Pannalal Silk Mills Compound, LBS Marg, Bhandup (West), Mumbal 400 078, India
TeL: +91 22 2596 0320-28; Fax: +91 22 2596 0329
E-mail : icraipo@intimespectrum.com; Website: www.intimespectrum.com


Place: New Delhi
Date: April 7, 2037

For ICRA Limited
Vijay Wadhwa
Company Secretary And Compliance Officer

THE LEVELOF SUBSCRIPTION SHOULD NOT BETAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE OF THE EQUITY SHARE ON LISTING ORTHE BUSINESS PROSPECTS OF ICRA LIMITED.

ICRA IPO Basis of Allotment FAQs

Check the basis of allotment document above to know about how the shares are allocated in ICRA IPO. Note that there is a separate rule for allotment in each investor category (i.e. Retail, Non-Institutional, Institutional, Employee).

The ICRA IPO basis of allotment (published above) tells you how shares are allocated to you in ICRA IPO and category wise demand of IPO share.

Visit the ICRA IPO allotment status page to check the number of shares allocated to your application.

Check the basis of allotment document above to know about how the shares are allocated in ICRA IPO. Note that there is a separate rule for allotment in each investor category (i.e. Retail, Non-Institutional, Institutional, Employee).